Oklo Inc (NYSE:OKLO) shares are trading higher on continued momentum from Monday's Google nuclear deal. The company on Tuesday announced that the U.S. Department of Energy approved a design report for its Aurora fuel fabrication facility.
What Happened: Oklo and several nuclear stocks got a lift in afternoon trading Monday after Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) announced plans to purchase power from small modular reactor developer Kairos Power.
Google said it expects to have its first reactor online by 2030, with more reactors expected to follow through 2035. The nuclear strategy from Google comes as big tech companies are increasingly turning to nuclear power to meet the rising energy demands of data centers related to the AI boom.
"We believe that nuclear energy has a critical role to play in supporting our clean growth and helping to deliver on the progress of AI," said Michael Terrell, senior director for energy and climate at Google.
"The grid needs these kinds of clean, reliable sources of energy that can support the build-out of these technologies. We feel like nuclear can play an important role in helping to meet our demand, and helping meet our demand cleanly, in a way that's more around the clock."
Oklo shares closed Monday up nearly 10% after surging into the close. The stock continued moving higher after hours and has held onto some gains heading into Tuesday's trading session.
Oklo on Tuesday announced that the U.S. Department of Energy (DOE) approved the Conceptual Safety Design Report for the Aurora Fuel Fabrication Facility at Idaho National Laboratory, a key milestone in Oklo's advancement toward utilizing nuclear material to fuel its first commercial powerhouse.
Oklo said the facility will use high assay low enriched uranium that has been recovered from used Experimental Breeder Reactor-II fuel.
"Oklo is uniquely positioned with a secured fuel supply, site use permit, significant regulatory traction, and supply chain development to support the first deployment of its Aurora powerhouse," said Jacob DeWitte, co-founder and CEO of Oklo.
The next steps in the DOE's comprehensive review process include the Preliminary Documented Safety Analysis before construction and the Documented Safety Analysis after construction and commissioning.
OKLO Price Action: Oklo shares were up 4.68% at $10.50 at the time of publication, according to Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.
